Summary of FY2012 interim results
| Single-payment premiums of variable annuities |
| | FY2008 | FY2009 | FY2010 | FY2011 | FY2012 1H | | Single-payment premiums of variable annuities | 444.9 | 174.3 | 105.4 | 13.7 | - |
Single-payment variable annuities premiums have continued to decline mainly due to the suspension of new sales.
| | FY2007 | FY2008 | FY2009 | FY2010 | FY2011 | | EV at the end of the fiscal year | 94.3 | 44.0 | 63.3 | 42.3 | 21.0 | | Change in EV* | -14.4 | -50.2 | 19.2 | -20.9 | -61.3 |
*Excluding the effects of capital transactions
Embedded value (EV), the profit indicator, as at the end of FY2011 decreased by 61.3 billion yen YoY to 21.0 billion yen (excluding the amount of capital increases in the period) mainly due to partial changes in the reinsurance program and the suspension of new sales.
(Note: EV balance is disclosed at the end of the fiscal year only.)
On a financial accounting basis, interim net income decreased by 6.1 billion yen YoY to a loss of -5.4 billion, as a result of recognition of extra retirement benefits for the purpose of supporting employees' job-changes from organizational restructuring, in addition to an increase in reinsurance costs.
（unit：million yen, unless otherwise specified）
| | FY2008 | FY2009 | FY2010 | FY2011 | FY2012 1H | | Ordinary income | 567,631 | 483,745 | 170,776 | 113,046 | 116,979 | | Ordinary profit | 10,099 | -1,301 | -2,395 | -14,944 | -3,581 | | Core operating profit | -827 | 2,589 | -5,095 | -2,735 | -5,675 | | Net income | 10,078 | -1,363 | -2,500 | -15,148 | -5,486 | | Common stock | 48,000 | 48,000 | 48,000 | 68,000 | 68,000 | | Total assets | 1,964,170 | 2,321,094 | 2,263,019 | 2,239,379 | 2,121,994 | | (Separate accounts) | 1,876,816 | 2,237,702 | 2,192,259 | 2,140,793 | 2,027,719 | | Underwriting reserves | 1,914,011 | 2,271,350 | 2,218,058 | 2,181,176 | 2,072,099 | | Loans | 2,421 | 2,542 | 2,697 | 2,833 | 2,787 | | Securities | 1,881,915 | 2,230,316 | 2,190,848 | 2,136,796 | 2,051,075 | | Solvency margin ratio | 1,057.5% | 1,275.3% | 1,127.9% | 898.7% | 741.6% | | Number of employees | 363 | 337 | 287 | 263 | - |
(Note) Solvency margin ratio after FY2010E is based on the new formula applied at the end of FY2011
| Total policy amount in force and new policy amount | (Unit: billion yen) |
| | FY2008 | FY2009 | FY2010 | FY2011 | FY2012 1H | | Total policy amount in force | | | | | | | Individual insurance | 309.7 | 296.6 | 284.5 | 273.1 | 267.3 | | Individual annuities | 2,332.5 | 2,486.8 | 2,490.0 | 2,433.5 | 2,381.4 | | Group insurance | - | - | - | - | - | | Group annuities | - | - | - | - | - | | New policy amount | | | | | | | Individual insurance | 0.3 | - | - | - | - | | Individual annuities | 442.7 | 173.4 | 104.7 | 13.1 | 1.0 | | Group insurance | - | - | - | - | - | | Group annuities | - | - | - | - | - |
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